The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-05-11
"LOLU SIlOlirN
.u..I +.
Ills COmments on tho Iron Hteel mud MAJ

".oLD SHORT" +.
Ills Comments on the Iron steel md Nail
L.l- Situation. Al -hal 3
Cold Short in 81. Louis Age Of Sse.l.
PIrTsnunou, May At Is a TACT, not.
withstanding the bolstering assertions Of
the daily papers, that trade Is flat. No
difference what the nature OF the control.
ling influences and reactionsry elements
may be, or who the guilty parties are that
brought about this condition, the fact ia
patent that the temper Of trade Is diucour.
aging, the prospects not cheering and pro.
ducers in all departments dispirlted. The
tranaition came too suddenly for human
nature to receive it philosophically, and
tho memory Of the late activity 10 still too
vivid to calmly analyzs the situation, to
provide remedies and to atone for the
faults which induced this laundering mis-.
carriage Of as bright, as prospectiyely
prosperous opportunities and conditions "a
ever prevailed at the beginning Of year
for the iron and steel industries. All par.
ties intereeted concur that the condition
ut this time in the season, the first OF NAV.
il abnormal, and II 1t is so, there must be-
some Legitimate, some very faultless and
reckless management, to cause 1t. They all
know well what this was. It is useless
iteration to 20 over 1t, and 1t would be
safe to wager d very respectable sum that
they would repeat the very identical man.
agement wore the same prosperous condi.
tons to obtain next fall. ..1177 IN.
1t seems to be popularity and idioeyn.
crasy Of the American character TO labor
for months, and labor patiently and indus.
triously, to build trade conditions nm tn
the very point Of prosperity Just for the
purpose or privilege Of knocking them to
pieces in few weeks. Quite number
OF contingents and exigents eau be recall.
ed and cited which could have brought
about this failure to proatably utilize The
1886 reactions. But they did not do il.
they merely acted as concurrent acce]era.
tors after trade manipulators had made q
number Of inexcusab.e mistakes-or to
express 1t better in slang, "bad breaks"
There is no room for coincidence or sym
pathy, and there is none deserved, but a
note Of warning can be sounded that NAV
do some service for the future. 0lIIT
There art, unmistakably many most en-
coufaging features in the situation that
will, unless recklessly misdirected, sooner
or later stimulate trade into renewed &C.
livity. Values are settling, not being de-
pressed, onto a basis above which thew
should never have been permitted to 20
basis which will myre etfectually than
any other Of the controlling agencies pro.
hiblt the rulnous competition of FOREIGN
products in the American markets. Il ia
not Al lndividuallzsd shrinkage OF values,
but simultaneous and sympathetic re-
turn Of oil departments to wholesome and
intrinsic bases. BY what mental process
Of calculation producers Of standard pro-
ductlonc arrive at these periodic enhance.
nents OF the values Of their wares to con-
sumess, other than the mere desire to get
oil they can whether justly or otherwise,
in the shortest possible time, is an unsolv-
problem and very. mischievous one in
its workings. If the latter. it is a paltry
imitation Of the weak trick Of the ostrich
trying to conceal the presence of an uu-
worthy action by hiding the motive under
the cloak Of necessity. Like that OF the
poor bird, the absurd strategy fails by its
utter imbecility, and reacts destructively.
The consumer can be cajoled for awhile,
but too much peraistency soon teaches
him to investigate.
The ore and coke men have been more
to blame in this over-reaching OF values
than any Of the others and they will have
to take back track. If the Lake Super
Tor ores were alone in the possession Of
peculiar and extraordinary qualifications
ior making Bessemer iron, they might set
stake and adhere to 1t, there would be
no alternative for the consumer, but with
the Gogebic and other ores there is &C.
tually more Bessemer ores in sight than
the demand can take, therefore present
prices are uDjustifable and come furnace
men will blow out rather than pay them.
The coke men have been playing a good
second hand at the same game with bet
chances Tor SUCCESS, because they have a
product which is more closely assimilated
TO monopoly. They played strong
game-leadjug court cards every play,
but in their case labor held strong cross
suits and the game has not been success-
full one. They were willing to poach on
their neighbors' manor but were unwill-
ing 10 give anything from their own pre-.
serves. They have been checkmated in
their own grsediness and they deserve it.
Labor claims share Of the extortion ex-
acted from the furnace and mill men. and
II the prices OF coke are not reduced to q
basis in just proportion with those in
other departments, it is very probable that
labor will accomplish its purpose. Fur
nacemen In turn were beguiled by the &c.
ductive allurements Of big profits and
they joined the proceseion-they are
reaping this crop Of disappointments now,
| pig metal is on the descending grade and
it is not at the bottom yet. The wrought
> iron pipe men have reached their culmin-
ating point and areverssl oil the grade bes
commenced. And 80 it has come too, 10
the steel rail men-the mighty viii! have
to succumb to the pressure and be con-
tent with smaller margins.
The railroads propose to build au un :
precedented amount Of mileage-but they
mission is not Though with them yet.
Manufactured iron men alone, never Lost
entire control OF their reasoning faculties
the logic Of the past with its memorable
laws and results was not forgotten-there
may be some blighting Of anticipations
among them, but there can be no NORTH
cation. The nail men acted with their
accustomed lack Of reciprocity, unanimity,
good faith and loyalty to their association
agreements. At the old card rates So
there was nothing for them-the advances
in pig iron and Bessemer steel left
them no acknowledgement must be
advanced or the factories shut down. They
moved cautiously at first until they reach
ed s. 50 and there they should have
/ atonnnd Bit thav wRra reatlass-if an